AdCare Health Systems, Inc. (NYSE Amex: ADK) announced earlier this month that it has signed a definitive agreement to purchase Mountain Trace Nursing Center, a 106‐bed nursing facility in Sylva, North Carolina, for $6.1 million. The transaction, which is expected to close by year end, will be finance through a bank loan guaranteed by the United States Department of Agriculture (USDA).
“Mountain Trace is the fourteenth facility we’ve put under contract since we began our M&A campaign at the end of last year,” said Chris Brogdon, AdCare’s vice chairman and chief acquisitions officer. “It represents our first entrance into North Carolina and is in line with our expansion into the southeast. As reflected in this facility’s high occupancy, we believe this acquisition is well‐supported by regional demographics.”